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Here are the most important news, trends and analysis that investors need to start their trading day:
1. Dow, S&P 500 and Nasdaq set to hit record highs
Traders work on the floor of the New York Stock Exchange.
NYSE
U.S. equity futures rose on Tuesday, adding to Friday’s record close for the Dow Jones Industrial Average, S&P 500 and Nasdaq. The US stock market was closed Monday for Presidents Day. All three stock indexes ended higher last week, continuing the strength of February. For the year, at Friday’s close, the Dow, S&P 500 and Nasdaq were up nearly 2.8%, 4.8% and 9.4%, respectively.
The 30-year Treasury yield held above 2% early Tuesday as investors monitored progress on President Joe Biden’s proposed Covid stimulus package for $ 1.9 trillion on Capitol Hill and pressure for wider distribution of coronavirus vaccines across the United States The 10-year Treasury yield has risen to over 1.26%.
CVS Health (CVS) reported quarterly earnings of $ 1.30 per share, 6 cents above estimates. Revenue also exceeded Wall Street forecasts, helped in part by Covid-19 tests and vaccinations at its pharmacies.
2. Bitcoin hit a new high of over $ 50,000
In this photo illustration, a visual representation of the digital cryptocurrency, Bitcoin is on display in front of the Bitcoin price chart on February 09, 2021 in Paris, France.
Chesnot | Getty Images
Bitcoin hit a new high on Tuesday, surpassing $ 50,000 per unit for the first time, before slashing some of those gains. Big companies announced support for digital currencies last week, starting with Tesla revealing that it had bought $ 1.5 billion worth of bitcoin. Mastercard said on Thursday that it would support some cryptocurrencies later this year, while BNY Mellon announced the next day that it would open its custody services to digital assets. Bitcoin has more than quadrupled in 2020 and has grown by over 60% since the start of this year.
3. Deep freeze in Texas causes massive energy crisis
Shelters for livestock from the cold wind on the side of a pump ram array Saturday February 13, 2021 in Midland, Texas.
Eli Hartman. | Odessa American | AP
More than 3.8 million homes in Texas were in darkness Tuesday morning as record high temperatures increased demand for electricity for heating, pushing the state’s electricity grid to its limits. Power outages, typically seen on 100-degree summer days, have been imposed on Texas. The scarcity of electricity was so great that spot prices for wholesale electricity on the Texas power grid soared more than 10,000% on Monday. U.S. oil prices have also hit a pandemic high of over $ 60 a barrel. The frigid weather was part of a massive winter explosion that brought snow, sleet and freezing rain to the Southern Plains, parts of the Ohio Valley and the Northeast.
4. Congress must create a riot committee on Capitol Hill
House Speaker Nancy Pelosi (D-CA) speaks during a press conference with House impeachment officials on the fifth day of former US President Donald Trump’s impeachment trial, for incitement to murderous attack on the U.S. Capitol, Washington, USA, February 13, 2021.
Al Drago | Reuters
House Speaker Nancy Pelosi said on Monday that Congress would establish an independent 9/11-type commission to investigate last month’s deadly insurgency on the U.S. Capitol. Investigations into the riot were already scheduled, with Senate hearings scheduled for later this month at the Rules Committee.
House impeachment prosecutors who pleaded for the conviction of Donald Trump for inciting the attack said on Sunday that they had proven their case. Democrats also criticized GOP Senate Leader Mitch McConnell and other Republicans, saying they were “trying to have it both ways” by declaring the former president not guilty while criticizing him.
5. Biden will make his first domestic trips
President Joe Biden speaks during a meeting with a bipartisan group of governors and mayors on his Covid-19 relief plan, in the Oval Office of the White House in Washington, DC on February 12, 2021.
Mandel Ngan | AFP | Getty Images
Trying to get past Trump’s acquittal in last week’s impeachment trial, Biden plans to maintain a busy coronavirus-focused schedule in the week ahead. Biden is set to make his first official national trips from his presidency, starting with a CNN town hall in Wisconsin on Tuesday to speak to Americans affected by the pandemic. Biden then heads to a Pfizer Covid vaccination facility in Michigan on Thursday as the drugmaker and Moderna’s two-dose regimen begin to make more inroads into pharmacies nationwide.
– Follow all developments on Wall Street in real time with CNBC Pro’s Live Markets Blog. Get the latest news on the pandemic with our coronavirus blog.
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